HONG Leong Finance posted a net profit of S$118.3 million for the full year ended Dec 31, up 38.1 per cent from S$85.7 million a year ago, on the back of higher net interest income.Shares in Hong Leong Finance closed flat at S$2.73 apiece on Wednesday.
Hong Leong Finance's net interest income grew 20.9 per cent to S$212.1 million for the full-year period, versus S$175.4 million in the preceding year. Net recoveries of doubtful debts amounted to S$2.2 million, against additional net loss allowance of S$3.8 million in 2017. Looking ahead, Hong Leong Finance said that while momentum is expected to wane in 2019 as contributions from the manufacturing sector may weaken, the group remains"cautiously optimistic" about growth due to strong domestic demand.